EX 7-21 Retail inventory method
On the basis of the following data, estimate the cost of the merchandise inventory at November 30 by the retail method:
| Cost | Retail | ||
| November 1 | Merchandise inventory | $ 300,000 | $ 400,000 |
| November 1–30 | Purchases (net) | 2,100,000 | 2,800,000 |
| November 1–30 | Sales (net) | 2,750,000 |
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